Consumer Discretionary

This week’s GDP data suggest the Oz consumer is back on a spending spree, but Westpac economists believe there will be no return to boom times from the past.

Macquarie Airports delivered a solid interest result and a special distribution, the combination enough for brokers to reiterate the stock offers value at current levels.

A rebound in travel bookings in FY10 meant a strong Flight Centre profit result and with guidance positive in coming years forecasts and targets are moving higher.

Billabong’s full year earnings met expectations but guidance for FY11 was weak and management’s new retail strategy is dividing views in the market.

A snapshot of economist responses to today’s Oz Wage Price Index for the June quarter, the smaller than expected increase suggesting wages are unlikely to pressure the RBA on rates in coming months.

Myer recorded a mixed 4Q sales result but lifted earnings guidance for the full year, the result being brokers remain generally positive on the outlook for the stock.

Wall Street hung slightly lower all session on little volume. Dow down 5. (Locked for subscribers until 10:00 AEST)

The post-stimulus and higher interest rate world for Australian retailers has already seen rolling earnings downgrades from retail sector analysts, and then along came Kathmandu.

Increased competition is making attracting subscribers more difficult for Pay-TV group Austar, so brokers are trimming expectations for the stock.

June quarter retail sales numbers for Wesfarmers were solid, the key Coles business delivering a good result and offering evidence the turnaround in the business is continuing.